Since you can work on the HDD files using an IDE\Sata adapter.
You can load the registry form the host computer.
Within regedit, Click on HKey_Local_Machine so its highlighted.
Click File, Load Hive, Browse to windows\System32\Config and choose System,
Create a name like No Logon.
No Logon should now appear under My Computer.
Open HK-L-M : Sofwate, Microsft, Windows Nt , Current Version, Windows NT, Winlogon
There should be a valu label shell , that should be the explorer.exe
You can search and write to this hive and when you unload it the changes will get saved.
You might also want to try the Microsoft User Profile Hive Cleanup Service (UPHClean), See: http://support.microsoft.com/kb/837115
Also to clarify what I wrote above see this link although not exactly the issue you are having it gives some good direction:Black startup screen is briefly displayed and your computer restarts repeatedly when you try to start Windows XP : http://support.microsoft.com/kb/314466
Wes